How Is Property Divided in a New Jersey Divorce?

Couples going through a divorce have many considerations, including child custody, child support, alimony, who will keep the house. Understanding New Jersey’s laws about property division in a divorce is vital to ensuring a fair and equitable settlement.

The skilled family law attorneys at Moskowitz Law Group can help you feel more confident about this often overwhelming process. This quick read will answer your question, “How is property divided in a New Jersey divorce?”

Fair but Not Necessarily Equal

The process by which a court divides property in a divorce is called equitable distribution. This means that the Court will aim to fairly and equitably divide marital assets, but it does not necessarily mean an equal division. While a spouse may likely believe they are entitled to 50 percent of marital assets, such as their home, vehicles, and bank accounts, that is not always how the Court sees it. That said, dividing assets equally is common.

If you and your spouse are unable to reach an agreement, the Court will have to make the decision for you. A judge will consider various factors when making a determination on equitable distribution. Importantly, the Court will only divide marital assets, which generally include any property that either or both of the spouses acquired during the marriage, except for property received by only one spouse by gift or inheritance from a third party.

What Factors Are Considered in Equitable Distribution?

The Court employs numerous statutory factors to determine the fairest way to divide a couple’s assets during a divorce. How long you have been married and the age and health of each spouse are important considerations. The Court will also consider other factors, such as each spouse’s income, earning potential, overall financial circumstances, and financial and non-financial contributions toward acquiring or maintaining marital property.

Does Prior Ownership Matter?

Prior ownership does matter when dividing property in a New Jersey divorce. For example, if you owned a classic car collection before marriage, those assets are typically exempt from being divided because they are considered separate property. Other examples of separate property include inheritances or gifts, as long as the funds were kept apart and not commingled with marital or household funds.

Careful recordkeeping as to the source of your funds for acquiring separate property and how and when it was acquired is paramount if you plan to argue that any assets you own are exempt from being divided.

Contact a Skilled Divorce Attorney Today To Discuss Property Division

“How is property divided in a New Jersey divorce?” is a frequent question among those ending their marriage. Understanding the laws of property division can be confusing, which is why it is essential to have an attorney on your side.

Do not risk an unfair division of property in your divorce. Contact us at Moskowitz Law Group today for the answers you need. We are here to guide you throughout the process.